ECONOMY: In China, the first billionaires of the vape are there!

ECONOMY: In China, the first billionaires of the vape are there!

This is important economic news for the vape and unsurprisingly it comes from China. Friday, the country formalized its first two billionaires in the vaping industry, it's about Chen Zhiping that Xiong shaoming, both manager of the Smoore International Holdings.


TWO BILLION CHINESE THANKS TO THE VAPE INDUSTRY!


Following stock market actions, China has just formalized its first two billionaires in the vaping industry. Indeed, the actions of Smoore International Holdings more than doubled from their IPO price of HK $ 12,40 to close at HK $ 31,00 on the Hong Kong Stock Exchange on Friday. This left Smoore's valuation at HK $ 178 billion, or nearly 23 billion.

During closing, the President and CEO Chen Zhiping, 44, owned a stake of nearly 8 billion ; shares owned by the executive director Xiong shaoming, 49, were worth 1,2 billion. Everyone shares his fortune with his wife; neither spouse is a member of the board of directors.

Founded in 2009, Smoore provides vaping devices or components to customers such as Japan Tobacco, Reynolds, NJOY, relx, American tobacco et British American Tobacco. It earned 2,1 billion yuan last year, or about $ 300 million, on revenue that increased to 7,6 billion yuan from 3,4 billion yuan in 2018. About one-fifth of its income comes from the United States and almost half of mainland China and Hong Kong.

China is home to the second largest number of billionaires in the world after the United States. Smoore International Holdings headquartered in Shenzhen, China's technology center just beyond the Hong Kong border, home to China's richest man, Internet CEO, heavyweight Tencent, which is worth $ 60,4 billion on the real-time billionaires list of Forbes today.


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Passionate about journalism, I decided to join the editorial team of Vapoteurs.net in 2017 in order to mainly deal with vape news in North America (Canada, United States).